Indiana Public Retirement System, Indianapolis, committed $50 million to existing manager Ardian U.S., a report from the system's board meeting Friday showed.
The commitment is to infrastructure-focused Ardian Co-Investment Vehicle from the defined benefit plan's $2.7 billion real assets portfolio.
The co-investment fund is a separately managed account for the $37.3 billion pension fund, confirmed Dimitri Kyser, INPRS' spokesman, in an email.
Investment officers said in the board report that the co-investment vehicle will invest in North American midmarket infrastructure companies.
"A limited number of South American opportunities may be considered as well," the report said.
INPRS' first commitment to Ardian U.S. was a $150 million commitment to Ardian Americas Infrastructure Fund V earlier this year.
INPRS had a total of $43.7 billion in assets as of Oct. 31. In addition to the defined benefit plan, the retirement system also had $6 billion in defined contribution assets.
